About

When Linda Mannerberg attended the Women's Money Conference in Las Vegas Nevada in 2012, she was struggling with debt and a gambling addiction she hid from those closest to her. She attended the conference again this year in April 2013, but this time she was in a completely different place. She received a standing ovation for turning her financial life around in just a year.

Like many of the other women at the conference who applauded her success, I was deeply touched by Linda's story and asked her if I could share it with our readers. She agreed, but said she didn't think it was a big deal. I told her I disagreed. Here is her story:

When I came to the conference last year, I was in a lot of debt. I had credit card debt, a car loan and payday loans. I would get paid and pay the interest on the payday loans, but I wouldn't have enough to pay off the loans.

I also had a gambling addiction -- I would get up in the middle of the night to go gambling.

My boyfriend and I have lived in Las Vegas about nine years now. When we first moved here, a new casino held a slot tournament. It didn't cost anything to join, so a friend and I decided to go. I ended up in the finals and won $5,000. That's when my gambling problem started. I thought that if I won that, then I can win again.

Of course I never did.

In fact, this year when we went to the casinos to get our gambling loss statements, I was shocked. It showed that I lost $35,000 with all the casinos. I used to play penny slot machines so I kept thinking, "I am only playing 40 cents at a time." But it adds up.

Keeping Secrets

No one knew about my financial problems. I hid them from my parents and my boyfriend. We've been together 22 years, and he didn't have a clue. I kept everything to myself. We have our own checking and savings accounts, so he didn't know what was going on.

So I listened carefully at the conference, and took lots of notes. I knew I needed to change because if I didn't, it was going to get worse. I sat down with my boyfriend and told him everything. I thought for sure he would throw me out on the street, but he was really nice about it.

He said he would help me, but I needed to follow what he said. He took over my money. I cashed my check and gave it to him. He paid off the payday loans and took over my payments on the other loans and gave me just enough money to put gas in the car or whatever.

Finally, after six months, we decided I could open a savings account -- but he told me he wanted to see how I could handle it. I think he was making me prove to myself that I could have that money there without spending it.

Getting Help

After the conference, I also talked to a friend at work about my problem. She told me I would be surprised at how many people are gamblers, and that I should talk with one of my co-workers who, I was surprised to learn, also had a gambling problem. She took me to Gamblers Anonymous meetings.

Now, I don't want to be in casinos anymore. If I get a gambling urge I call a friend, or I stay home and don't get dressed.

Last year when all this happened, I owed about $12,000. Since then, I have been able to pay my boyfriend back all that money he spent paying off my debts. I only have student loans and my car loan now.

After the first Women's Money Conference, I ordered my free Credit Report Card from Credit.com to see my credit score, and so did my boyfriend. Once a month we look at it to see if my credit scores are getting better.

Recently I needed a new car, so I applied online to see what I could get. When I learned I qualified for a car loan at 2.9 percent, I started crying. My last car loan had a 9 percent rate. We ended up buying my car from a dealer in Utah, 404 miles away, because it saved me $3,000. Now I research things carefully.

Recently, I opened my own checking account. My goals now are to double up on my payments on my student loans and car. My boyfriend is going to get ready to retire and I want to be able to retire, too. Being ready for retirement is my goal now.

More from Credit.com:

How he lost his money: In 1976, Heavin dropped out of college at age 20 and started his first gym, Women's World of Fitness. Success came right away, and he was a millionaire by age 25. However, Heavin's aggressive expansion plans didn't add up. He added amenities to the gym, such as tanning beds and swimming pools, that were expensive to maintain. "At 25, it was all about me, and that's a foundation for disaster," Heavin told Kiplinger. By 1986, overhead costs began to exceed the amount the company was bringing in from new memberships, and at age 30 his business went bankrupt.

How he came back: Tried again with the same business idea, applying lessons learned from his initial failure.

Marrying his future business partner, Diane, gave Heavin the motivation he needed to give entrepreneurship a second try. In 1992, the couple opened the first Curves, a women-only gym, in Harlingen, Texas. Heavin once again found immediate success. In 1995, the pair turned the business into a franchise; today, there are 10,000 Curves locations across the world. In 2000, he released his first book, "Permanent Results without Permanent Dieting: The Curves for Women Weight Loss Method," and it became a New York Times bestseller. On finding success a second time around, Heavin says, "I had to lose everything I owned before I was capable of running a business the right way." Today, he's a billionaire.

Who he is: Entrepreneur, author, founder and former CEO of the debt-collection firm Commercial Financial Services (CFS)

How he lost his money: In 1998, Bartmann, a one-time billionaire, was forced to shut down CFS and file for bankruptcy. He and his business partner, Jay Jones, were charged with accounting fraud and conspiracy for allegedly inflating sales reports to ratings agencies. "We were doing so well, and then one afternoon it was all over," Bartmann told Kiplinger. Jones was convicted; Bartmann was cleared of any wrongdoing.

How he came back: Wrote books about his lessons learned.

After his acquittal in 2003, he slowly started to piece his life back together. In 2005, he wrote his first book, "Billionaire Secrets to Success." Bartmann followed up with "Bailout Riches" in 2009, which became a bestseller on Amazon. In July 2010, he returned to the debt-collection business and launched a new version of his former company, calling it CFS II.

CFS II took in $10 million in revenue last year. When asked how his previous ordeal helped shape how he runs CFS II, Bartmann told Kiplinger, "I'd be remiss in my duties if I assumed everyone is doing a great job . . . Don't walk away from your ability to supervise a relationship just because you like someone as a person."

Who she is: Olympic gold medal figure skater and television personality

How she lost her money: At the height of her career in the 1980s, Hamill was reportedly raking in $1 million a year to skate in prime-time TV specials. However, after years of excessive spending, which included a weakness for expensive jewelry, and a series of bad investments, including the purchase of the fledgling Ice Capades franchise, Hamill had to file for bankruptcy in 1996.

How she came back: Parlayed her strong brand into related new opportunities.

Hamill toured the professional ice skating circuit for several years to help pay off her debt. She also returned to television, appearing in the 1998 NBC special "The Christmas Angel: A Story on Ice." In October 2007, her autobiography, "A Skating Life: My Story," hit bookstores and made the New York Times bestseller list. That same year, she appeared in "Blades of Glory," an ice skating parody film starring comedian Will Ferrell. Recently, Hamill has found herself back in the spotlight as a contestant on season 16 of ABC's "Dancing With the Stars." She also continues to perform in professional ice skating shows and is currently on tour with "Stars on Ice."

How he lost his money: At the height of his fame in the late 1980s and early 1990s, Hammer's net worth was valued at around $33 million. However, he was reportedly spending $500,000 a month on his 200-person staff. Other costly expenses included the mortgage on his $10 million mansion, the maintenance and upkeep on 17 luxury cars, and the acquisition and care of 21 racehorses. When Hammer eventually filed chapter 11 in 1996, he claimed $1 million in assets and $10 million in debt.

How he came back: Reinvented himself.

After his superstar status faded, Hammer became an entrepreneur. He created a handful of record labels, has dabbled in tech start-ups and is currently the CEO of Alchemist Management, a Los Angeles-based athlete management and marketing firm specializing in mixed-martial-arts fighters. Hammer, who has more than three million followers on Twitter, often lectures about social media and marketing at business schools, including Stanford University and Harvard University. In 2009, he produced his own reality TV show on A&E, called "Hammertime," and he performed at the 2012 American Music Awards, as well as on ABC's "New Year's Rocking Eve 2013."

Who he is: Emmy-winning broadcast journalist and former host of CNN's "Larry King Live"

How he lost his money: During his early days in radio in the 1960s, King's low-level salary didn't support his big spending habits, including a fondness for gambling. By 1978, he had to file for bankruptcy after accumulating more than $350,000 in debt.

How he came back: Capitalized on early opportunities in an emerging industry -- cable TV.

The same year that he declared bankruptcy, King was hired by WIOD Radio in Miami to host a national nighttime talk show that eventually caught the attention of CNN founder Ted Turner. In 1985, Turner hired him to host his own television show, "Larry King Live." King would host the cable show for 25 years, making as much as $10 million a year before signing off for good in 2010.

How he lost his money: Amos started a cookie business after deciding to leave his cushy job as a talent manager for the William Morris Agency in New York in 1975. By the early 1980s, Famous Amos hit $12 million in sales. However, his ego and lack of business acumen eventually brought the company down.

How he came back: Despite hitting hard times, Amos's entrepreneurial spirit never died. In 1993, he founded Uncle Noname Cookie Company (he'd lost the right to use "Famous Amos" as the result of his earlier failure), and in 1995 he changed it to Uncle Wally's, with a focus on muffins. Last year, Amos returned to his roots with the launch of Wamos Cookies. When discussing how to become a successful entrepreneur and stay that way, he told Kiplinger, "You can't be profitable unless you have a team that's working as a unit. I learned that lesson from losing Famous Amos."

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Dennis Mcclean

So called penny slots pay nothing unless your betting several hundred pennies so why not just play the dollar slots or quarter slots.Also the white slips you get now make it far too easy to keep losing your money even if your up money , with out actually seeing the cash or even coin representations of cash you easily lose track of the money and the value it represents.

It's a suckers game regardless what your playing , slots cards , what ever , continued play means loses no matter if you have won something decent , it soon goes back.Games that are set up with the house advantage built in so how are you going to beat them at their own game ?

Yes, it is true that the odd schmuck hits the odd big jackpot , but this is quite rare and compared to the daily take of the average Casino this is nothing for them to pay out now and again while racking in millions and millions from poor slobs that can't afford to be in there in the first place.

Last time I went to the slots with $130.00 , after a half hour I was up $100.00 , did I leave ?Nope, I though I'll just do another $20.00 and I'll still be up $80.00 then I'll leave.Then another $20.00 , well , I'll still be up $60.00 and so on until I gave back the $100.00 win and the $130.00 I came in with , then off to the ATM and another $300.00 so instead of being up $100.00 I was now down $530.00. I was mad at myself for being so foolish and said that was it for me, no more gambling. Despite being disciplined on other occasions and leaving up money this last trip really told me I was not in control and have to stay away.

Gambling, whether it is penny slots or whatever comes with its perils. The big danger of losing. “Let me try once more, my luck will definitely change this time’ is the thought that makes people lose everything they have. More often than not it IS a losing bet.

having worked in a casino for 3 years, I saw alot of people who thought they were going to hit the big one, but ended up losing it all. I admire someone who can turn their life around like you. Casinos are there to make money, not give it away. Thats why they came up with the penny slots, because they knew that their guests are gullible and would go for them, thinking they get 2000 credits for $20.00 and gamblers would feed more money into them them than the dollar , quarter, and nickel machines. Casinos are their to make a profit and not give their customers that golden egg.

So he's getting ready to retire and she wants to join him with student loans still in arrears?In addition if you can't pay outright for a car you are no where ready to retire unless your boyfriend is rich. But if he dies you are legally entitled to zero.You got a wake up call and time is already running out on your plans, good luck.The rest of you please continue gambling, my dividends thank you.Sorry to be so snarky but I think this woman needed to grow up a long time ago and stop being so dependant.I have lived in Vegas for twelve years. Showed up doing fair and now I'm leaving dozens of times wealthier than anybody I know. I gambled at the stock market not in the casino. I knew that was a losing bet.Life is hard, don't be stupid with your future..